Addressing the Challenges of the BFSI Industry in 2024
Banks and finance companies are the big consumers of new technologies. The wide integration of advanced technologies, such as Blockchain, Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) pushes a major wave of digital transformation in the banking and financial service sector worldwide. Let’s explore major BFSI industry trends and new developments.

Wide use of Banking as a Service (BaaS) by third-party companies to get access to banking services and facilities.
Surge in the use of mobile-based fast payment systems and cloud platforms for banking and financial services.
Rising collaborations of Unified Payments Interface (UPI) providers for cross-border transactions to simplify payment processes
Growing adoption of Decentralized Finance (DeFi) in banking and financial systems to ensure automation and secure transactions
Increasing popularity of emerging payment options such as cryptocurrencies and central bank digital currencies
The wide integration of new technologies and innovation in the BFSI sector induces various digital financial solutions, leading to more customer satisfaction and smooth business operations. Also, the rising collaborations of traditional banks with fintech companies lead to innovative financial solutions for individuals and businesses.

BFSI Industry Challenges in 2024
The BSFI industry faces several challenges in 2024. Banks and finance companies must address these challenges to ensure substantial business growth. Handling several BFSI industry challenges depends upon the new developments and effective tackling of the major challenges in the IT industry. Here are the detailed insights into some significant challenges: